Michigan looks to make gift cards last 5 years

LANSING -- Michigan lawmakers have voted to make stores accept gift cards and certificates for at least five years after selling them.

Legislation passed unanimously by the Senate on Thursday would keep stores from altering the terms or conditions of a gift certificate after it has been issued. The bills also would prohibit inactivity fees and fees related to buying a gift certificate.

The requirement that gift cards last at least five years would apply only to those sold on or after Nov. 1 of this year.

The House has approved earlier versions of the bills, so they could go to Gov. Jennifer Granholm once the House signs off on changes.

The gift card bills are House Bills 4050, 4317 and 4680 and Senate Bill 388.